Li Auto Stock Plunges 14% in a Day, Wiping Out Two-Thirds of Peak Market Value

On May 18, Li Auto's Hong Kong-listed shares closed down 14%, leading losses among Chinese electric vehicle manufacturers. This followed the launch of its all-new L9 Livis edition the previous week, priced at RMB 509,800. As of the close on that day, Li Auto’s market capitalization had fallen by roughly two-thirds from its record high in February 2024, nearing both its one-year and all-time lows. Despite the decline, Li Auto remains the most valuable among China’s three leading EV startups—NIO, XPeng, and Li Auto.